After WoW and D3... i felt every enemy with the chance to drop purp's was a bit obscene ( legendaries in D3's case ).
I would really like... Important gear being nearly impossible to get. Strange item to talk on, but do you remember the staff to open ahn qiraj ( i forget spelling its been a while since that time )... There was only one per server, and the whole guild had to help it's creation.
Reason being... I don't want to see every 2 handed user with Wuthrad. Keeping well known items extremely rare, i feel, would suit TES. Not only that, there are few MMO's with that kind of insanity, and it would be nice to see.
As for the high tier item grind... i'd like to see that just a little bit less stressful than WoW. Then again getting full raid gear in one week would be a bit... stupid. It may need lockouts if the best gear is from raid bosses ( an evil necessity )... or maybe a daily lock.
Maybe a class specific legendary item quest that will challenge you greatly in an instanced zone solo. And perhaps random legendary drop rate... only from bosses... and 0.1% drop chance.